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The Bank of England has unveiled four new polymer King Charles III banknotes that will enter circulation in mid-2024, and gradually replace those that feature late Queen Elizabeth II, who first appeared on paper money in 1960.
All polymer banknotes carrying a portrait of the late Queen will remain legal tender, and will only be replaced by banknotes depicting King Charles III when they are worn out and need to be withdrawn – meaning notes featuring Queen Elizabeth II and King Charles III will both be legal tender.
There are nearly 5 billion Bank of England notes in circulation – worth around £82 billion ($100 billion).
The reverse side of the new banknotes will continue to feature former Prime Minister Winston Churchill (£5), author Jane Austen (£10), painter JMW Turner (£20) and mathematician Alan Turing (£50).